Shares of Tyson Foods (NYSE:TSN) zoomed northwards in the wake of the company's Q1 results. For the quarter, revenue was $8.76 billion, or 5% higher than the $8.37 billion in the same period the previous year. Attributable net income rose more sharply, to $254 million ($0.72 per diluted share), which was 47% above Q1 2013's $173 million ($0.48).
Analysts had been expecting revenue of $8.75 billion and EPS of $0.63.
The quarter was helped by sales growth in Tyson's prepared-foods segment, which helped to offset weaker demand in China. The firm attributed the latter to continued worries about food safety in that market.
The company also provided selected forward guidance for its current fiscal 2014. Sales for the period are expected to come in at around $36 billion, with capital expenditures totaling $700 million.
Following the announcement of the results, the company's stock advanced by 8.4%, or $37.40, to close the day at $37.40 per share.